Response to Commons vote on EU bailout

Written by | Tuesday, May 24th, 2011

24 May 2011

In response to today’s vote on Eurozone financial assistance

Sam Bowman, Head of Research at the Adam Smith Institute, says:

“The eurozone bailouts haven’t worked, and MPs are right to try to block Britain’s participation in future bailouts. Greece is almost certain to default in the near future, and Ireland will have to default within the next two years on current trends. Portugal is not far behind. Saddling eurozone countries with even more bailout debt will only make their problems worse.

“The government has risked £12.5bn on bailouts for Ireland and Portugal. Throwing more and more money at the eurozone bonfire does nobody any good except senior bondholders who should have known better. Even if it was possible to do so, saving the euro would not be worth the cost to them and us.”